How much amount can a father transfer to his daughter, not dependent, for expenses.
6 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195467 Points)
Replied 22 August 2022
There is no cap in any act. Depends upon standard of living.
The amount is non deductible from any income, i.e. it should be after tax liability, if any.
Nimesh joshi
(Office Executive )
(88 Points)
Replied 22 August 2022
But is it taxable to recipient, that is my daughter
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195467 Points)
Replied 22 August 2022
No. Because you are her "relative" as per sec. 56(2) of IT act....
Its advisable to give her through any banking channel, but not by cash.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 22 August 2022
You may consider it as a loan which doesn't require formalities and even it is not taxable
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 22 August 2022
Transfer any amount as gift no tax liability arises for both.
sabyasachi mukherjee
(27837 Points)
Replied 23 August 2022
There is no cap on amount transferred to children.
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